You don’t think about scheduled personal property coverage until you’re standing in a hotel room, turning everything upside down for the third time. The dresser tray. The suitcase. Your jacket pockets. Nothing. The diamond earring — or the Rolex that was there last night — is gone.
Then it hits you: it’s insured. It’s scheduled on your policy.
What many policyholders don’t realize is that scheduled coverage is tied to a stated value, which may not reflect what it would cost to replace the item today.
How Personal Property Coverage Works
Scheduled personal property is an endorsement to your homeowners or renters policy that insures specified high-value belongings like jewelry, watches, collectables, fine art, furs, or musical instruments.
When you schedule an item, you insure it individually for a set dollar amount. In return, you typically receive broader coverage conditions than standard personal property, and a reduced or waived deductible at the time of loss.
How Scheduled Items are Valued
The scheduled amount is usually based on an appraisal at the time the item was added to the policy.
But markets change. Gold prices move. Diamond values shift. Watches and collectibles can appreciate in value.
If that scheduled value hasn’t been updated, you may find that what it costs to replace the item today is higher than what your policy allows for, depending on how the claim is settled.
What You Can Do
Check when each scheduled item was last appraised, ask yourself if its value may have changed, and if it has, contact your insurance agent about updating the scheduled amount.
We recommend clients review their scheduled items from time to time, especially after a new appraisal or when their value may have increased.
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